Hedge Fund Boosts Stake in Amylyx Stock to $63 Million — Should Investors Follow?

Austin-based Saturn V Capital increased its Amylyx (NASDAQ:AMLX) stake by 1.3 million shares in Q3, raising its position to 4.6 million shares worth about $62.6 million (a ~ $41m quarter-over-quarter gain) and making AMLX 13.7% of its 13F AUM and the fund’s second-largest holding after ABVX. Amylyx, a clinical-stage ALS-focused biotech (market cap ~$1.5bn, share price $13.67, trailing net loss $149.3m), finished the quarter with $344m cash and completed a $191m equity raise that the company says extends runway into 2028. The move signals Saturn V’s concentrated, asymmetric bet on upcoming clinical catalysts—most notably completion of recruitment for the pivotal Phase 3 LUCIDITY avexitide trial (recruitment through Q1; topline expected Q3) and early tolerability readouts for AMX0114—while the company remains pre-revenue and high-risk.

Analysis

Saturn V Capital materially increased its Amylyx Pharmaceuticals (NASDAQ:AMLX) stake by 1.3 million shares in Q3, bringing its holding to 4.6 million shares valued at about $62.6 million and representing roughly 13.7% of the fund’s 13F-reportable AUM. The filing cites a quarter-over-quarter position value increase of approximately $41.7 million, making AMLX Saturn V’s second-largest disclosed holding behind ABVX ($68 million, 14.9% of AUM).

Amylyx is a clinical-stage biotech (market cap ~$1.5 billion, share price $13.67) focused on ALS; it reported a trailing net loss of $149.3 million but ended Q3 with $344 million in cash and completed a $191 million equity raise that the company says extends runway into 2028. Key near-term program catalysts cited include completion of recruitment for the pivotal Phase 3 LUCIDITY avexitide trial (recruitment expected to finish in Q1) with topline results anticipated in Q3, and early Phase 1 tolerability data for AMX0114 that allowed dose escalation.

Saturn V’s concentrated position signals high conviction in asymmetric, event-driven upside, but Amylyx remains pre-revenue and loss-making, so upside is binary and dependent on clinical readouts and execution. The stock’s 166% one-year gain versus a 12% S&P rise highlights volatility; liquidity and position sizing risks are elevated given the fund-level concentration.

Key Decisions for Investors

• Monitor LUCIDITY recruitment progress and the expected Q3 topline window as the primary value-driving catalyst, consider event-driven exposure ahead of results
• If taking a long position, size exposure conservatively or use hedges given binary clinical risk and the company’s pre-revenue status, despite $344 million cash and a $191 million equity raise extending runway into 2028
• Reassess position after the Phase 3 topline or material enrollment updates and avoid increasing exposure solely on momentum after the 166% one-year rally
• Use Saturn V’s increased weighting as a signal of conviction but not as a substitute for independent risk assessment and diversification